On September 7, blockchain-focused music technology platform anotherblock and the song’s co-producer Andreas Schuller, aka Axident, will drop the song “Company” as an NFT with only 2,000 songs available.
Global pop icon Justin Beiber will have one of his hit songs converted into a non-fungible token (NFT), in which fans can then invest in a portion of the royalties.
While Axident still remains the rights holder, fans who own an NFT of the song will then be able to participate in a 1% royalty share of the song’s streams. Axident spoke about the importance of fans in the music industry and how blockchain and music rights are opening up a whole new world of interactions.
“The ownership of a song far outweighs its monetary value; it forges a profound connection to art hitherto beyond the reach of fans.
When first released as a single, the song reached the top forty in Australia and landed at 53 on the US charts. So far, the track has amassed over 500 million streams.
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Cointelegraph spoke to Michel D. Traore, the co-founder and CEO of anotherblock, who said that providing universally loved songs is a powerful way to introduce the masses to Web3.
“Company” serves as a prime example of a song with huge potential in this regard. Through the Web3 tools, we can offer music lovers something that was not accessible to the general public until recently.”
Traore emphasized that the royalty share will be divested by Axident. “Producers often don’t get the recognition they really deserve,” he said, “and an important aspect for us is to showcase the creators behind the songs.”
“This not only creates a new revenue stream for producers, but also gives fans the opportunity to discover and interact with these talented individuals and their incredible work.”
Anotherblock has already worked on Web3 projects with some of the biggest names in the music industry, including pop sensations The Weeknd, Rihanna and Martin Garrix.
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